Leestma Management, LLC, a Bradenton Beach, Florida-based real estate investment, development, and management company, filed a voluntary chapter 11 petition on April 1, 2026, in the U.S. Bankruptcy Court for the Middle District of Florida, case number 26-02696. The petition lists estimated assets and liabilities each in the $50 million to $100 million range. Leestma Management is one of five LLCs controlled by Ryan M. Leestma that filed chapter 11 petitions on the same date: Leestma Management LLC, Adelaide Pointe QOZB LLC, Adelaide Pointe Boater Services LLC, Adelaide Pointe Building 1 LLC, and Waterland Battle Creek LLC. Leestma requested joint administration of the five cases under the Leestma Management docket. The filings follow months of litigation with Independent Bank over alleged loan defaults totaling approximately $27.9 million and a state-court receivership over the Adelaide Pointe waterfront development in Muskegon, Michigan. The debtors are represented by David S. Jennis of Jennis Morse Etlinger, a Tampa-based bankruptcy firm that has practiced in the insolvency field since 1988.
Collateral and property transfer allegations. Independent Bank further alleged that Leestma transferred property used as loan collateral to joint ownership with his wife, Emily Leestma, without disclosing the transfers to the bank. The bank also claimed that Leestma had failed to maintain insurance on the property and had allowed construction liens to be filed against the project. Additionally, the bank alleged that Leestma collected over $70,000 monthly in rent from Adelaide Pointe tenants while defaulting on loan payments. When Independent Bank sent notices directing tenants to remit rent directly to the bank under an assignment of rents provision, Leestma responded that the bank's memo was "improper and illegal" and requested tenants continue paying him.
Project scope. The master plan called for a 454-slip marina (165 wet slips and 285-rack dry in/out storage), 55 luxury condominium units, a multi-use building with event space and retail, boat storage and sales facilities, and public trails with shoreline access. The on-site Muskegon Brewing Co. restaurant and bar opened as part of the development, and the broader $250 million master plan included a 125-room hotel and additional residential phases.
Leestma Management is also linked to a waterfront marina project in Bradenton Beach, Florida, at 402 Church Street North, described as an approximately $85 million mixed-use development. The Bradenton Beach marina property changed hands in 2023 when it was purchased from the Bazzy family, which had operated it for decades. That project had separately entered receivership after lenders alleged missed payments and unpaid bills tied to the site. The Bradenton Beach building department issued a stop-work order on February 9, 2026, after pilings between the marina cafe and docks were installed without a permit, and further activity was halted pending resolution.
DIP financing. The debtors filed with $500,000 in initial DIP funding and disclosed plans for a supplemental $10 million DIP facility to complete the remaining 34 condo units. Projected gross sales from completed condos range from $27 million to $32 million. The debtors stated that completing and selling the remaining condo inventory would generate proceeds exceeding the outstanding secured debt. The filings also include an emergency motion to terminate the court-appointed receivership over part of the Adelaide Pointe property, which would return control of the development to the debtors as debtors-in-possession.
Government interest. The City of Muskegon and the Michigan Department of Environment, Great Lakes and Energy petitioned to intervene in the Kent County litigation prior to the bankruptcy filing, citing the environmental remediation and public-access obligations tied to the brownfield plan and development agreement.
Leestma acquires Muskegon lakefront parcels for ~$5.5 million
October 2021
City of Muskegon approves $12 million development agreement and $35 million brownfield plan
May 2025
Adelaide Pointe ribbon-cutting; marina and event space become operational
September 22, 2025
Independent Bank sues Adelaide Pointe entities and Leestma for ~$27.9 million in alleged loan defaults
October 2025
Judge Benson denies initial receivership request
December 22, 2025
Independent Bank files renewed receivership argument under Michigan Uniform Assignment of Rents Act
January 9, 2026
Judge Benson reverses course and appoints John Polderman as receiver over Adelaide Pointe
February 9, 2026
Bradenton Beach building department issues stop-work order at marina cafe
February 23, 2026
Independent Bank requests expansion of receivership to entire Adelaide Pointe property
March 26, 2026
Independent Bank files summary disposition motion
April 1, 2026
Leestma Management and four affiliated LLCs file chapter 11 petitions in the Middle District of Florida
July 30, 2026
Plan and disclosure statement deadline
Key Timeline
Frequently Asked Questions
When did Leestma Management file for bankruptcy?
Leestma Management, LLC filed a voluntary chapter 11 petition on April 1, 2026, in the U.S. Bankruptcy Court for the Middle District of Florida, case number 26-02696.
How many entities are included in the filing?
Five LLCs controlled by Ryan M. Leestma filed chapter 11 petitions on the same date: Leestma Management LLC, Adelaide Pointe QOZB LLC, Adelaide Pointe Boater Services LLC, Adelaide Pointe Building 1 LLC, and Waterland Battle Creek LLC.
What are Leestma Management's estimated assets and liabilities?
The petition lists estimated assets and liabilities each in the $50 million to $100 million range. The bankruptcy filings indicate combined secured debt of less than $61.5 million against a stabilized project valuation of $91.4 million.
Who is representing Leestma Management in the bankruptcy?
Adelaide Pointe is a mixed-use waterfront development on approximately 35 acres along Muskegon Lake in Michigan, originally announced as a $250 million project. The site includes a 454-slip marina, 55 luxury condominiums, event space, retail, a restaurant, and public trails. The project is structured as a Qualified Opportunity Zone Business.
filed a voluntary chapter 11 petition https://www.wzzm13.com/article/news/local/muskegon/muskegon-adelaide-pointe-developer-ryan-leestma-files-bankruptcy/69-570e6fce-a780-4c2d-bbdb-eb97c48c2707
five LLCs controlled by Ryan M. Leestma https://www.woodtv.com/news/muskegon-county/developer-of-embattled-adelaide-pointe-files-for-chapter-11-bankruptcy/
Jennis Morse Etlinger, a Tampa-based bankruptcy firm https://jennislaw.com/
sued Leestma and the Adelaide Pointe entities on September 22, 2025 https://www.wgvunews.org/news/2025-09-30/bank-sues-adelaide-pointe-developer-over-unpaid-loans
$27.9 million plus interest and attorney fees https://www.crainsgrandrapids.com/news/real-estate/bank-sues-adelaide-pointe-developer-for-28m-in-unpaid-loans/
matured and remained unpaid in July 2025 https://www.wzzm13.com/article/news/local/adelaide-pointe/69-029ce162-9e51-4d52-b6fe-1d981ef13a9e
transferred property used as loan collateral to joint ownership https://www.crainsgrandrapids.com/news/real-estate/judge-to-appoint-receiver-as-muskegon-adelaide-pointe-dispute-intensifies/
appointed John Polderman of Stevenson & Bullock PLC https://www.woodtv.com/news/muskegon-county/judge-appoints-receiver-to-take-over-controversial-adelaide-pointe/
counterclaim exceeding $35 million https://www.crainsgrandrapids.com/real-estate/commercial/cgr-adelaide-pointe-bankruptcy-filing-20260407/
1204 West Western Avenue https://www.crainsgrandrapids.com/news/real-estate/muskegon-approves-250m-adelaide-pointe-lakefront-development-deal/
acquired the parcels for approximately $5.5 million https://www.wzzm13.com/article/news/local/muskegon/developer-of-muskegon-marina-community-weighs-in/69-0db33d69-85a8-4233-8a00-347495e43eb7
originally announced as a $250 million development https://www.crainsgrandrapids.com/news/real-estate/developers-unveil-details-for-250m-30-acre-muskegon-lakefront-site/
Muskegon Brewing Co. restaurant and bar https://www.wzzm13.com/article/news/local/muskegon/muskegon-brewing-co-plans-june-opening-new-adelaide-pointe-development/69-2fa4a3c6-4e0a-4230-bb41-461379bf0750
125-room hotel https://www.justingibbonsrealtor.com/condos-for-sale/adelaide-pointe-condos-muskegon-mi/
$35 million brownfield plan https://muskegon-mi.gov/documents/view/63/4213/
vapor mitigation systems, and removal of asbestos and lead paint https://wwmt.com/news/local/muskegon-receives-three-million-brownfield-redevelopment-grant-environmental-funding-build-three-housing-projects-egle-adelaide-pointe
identified a potential buyer https://www.wzzm13.com/article/news/local/adelaide-pointe-developer-says-he-found-buyer-following-development-being-put-receivership/69-b47311de-c437-426b-92d8-523b5665e042
waterfront marina project in Bradenton Beach, Florida https://hoodline.com/2026/04/bradenton-beach-marina-dream-sinks-as-developer-ducks-into-chapter-11/
changed hands in 2023 https://www.islander.org/2023/03/bradenton-beach-marina-in-new-hands-2/
investments included 750,000 square feet of office and industrial leased properties https://leestmamanagement.com/
renewable energy subsidiary formed in 2018 https://www.crainsgrandrapids.com/news/construction/necessity-prompts-developer-to-start-new-company/
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. See the disclaimer.